The Khronos Group - a non-profit industry consortium to develop, publish and promote open standard, royalty-free media authoring and acceleration standards for desktop and handheld devices, combined with conformance qualification programs for platform and device interoperability.

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PaperVision3D is an open source project that lets you import COLLADA files and render 3D objects in real time using Flash. The 3D Flash engines works with ActionScript 2 and 3, and features linear texture mapping, optimized for rendering speed and quality. This "how to" lets you experiment with creating a simple first person shooter using a COLLADA model and an AS2 class package. Also check out the summary blog which has some great example references.